Rockspring Property Investment Management has overseen the completion of two major London office deals worth a total of £268 million on behalf of South Korea’s National Pension Service (NPS).
The acquisition of 88 Wood Street from INQ and a 50 per cent stake in 40 Grosvenor Place from Invista Real Estate Investment Management, form part of the fund’s £1.8 billion investment plan.
Robert Gilchrist, Chief Executive of Rockspring, commented: “These two iconic properties clearly demonstrate the type of assets which we will continue to source on behalf of NPS, as they benefit from a prime location and are well let to major tenants.
“The quality of the assets is reflected in the fact that we were able secure major new financing for the Wood Street acquisition.”
Of NPS’ total outlay, £183 million was for the Wood Street purchase which boasts 247,000 square feet of office space and accrues £12.7 million of rent annually. Grosvenor Place, meanwhile, generates net yearly rent of £11.7 million.